The US dollar has gained momentum during the trading session, with the US Dollar Index (DXY) climbing to a weekly high above 100.50. Rising US Treasury bond yields have provided a significant boost to the US currency.
The number of first-time unemployment benefits applications in the US declined to 228,000 in the week ending July 15, helping the dollar regather its momentum. Existing Home Sales declined 3.3% in June, following a 0.2% growth in May. The benchmark 10-year US Treasury climbed above 3.8%, providing an additional boost to the USD.
The Federal Reserve Bank of Philadelphia’s Manufacturing Index inched slightly higher to -13.5 in July from -13.7 in June, and the Federal Reserve Bank of Atlanta’s GDPNow model forecasts a 2.4% US GDP growth in the second quarter. Housing Starts declined 8% in June, while Building Permits fell 3.7%.
Wall Street opened mixed, with the tech-heavy Nasdaq Composite down more than 1% on uninspiring earnings figures from big tech firms. The Dow Jones Industrial Average was up 0.4%. The US banned 14 Iraqi banks from using the USD in transactions on suspicion of funneling USDs to Iran.
The USD managed to capture capital outflows out of Pound Sterling early Wednesday, as UK inflation softened at a faster pace than expected in June. The sharp upsurge in the USD\/JPY pair following Bank of Japan Governor Kazuo Ueda’s dovish comments reaffirmed strengthening demand for the US dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"
The US dollar has gained momentum during the trading session, with the US Dollar Index (DXY) climbing to a weekly high above 100.50. Rising US Treasury bond yields have provided a significant boost to the US currency. The number of first-time unemployment benefits applications in the US declined to 228,000 in the week ending July …<\/p>\n","protected":false},"author":13,"featured_media":53032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6877,6984,10411],"class_list":["post-86807","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-dollar","tag-treasury-yields","tag-unemployment-benefits"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=86807"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86807\/revisions"}],"predecessor-version":[{"id":86828,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86807\/revisions\/86828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53032"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}